Barry Searle MD at Castle Trust

Brightstar Financial completes £8m development exit loan with Castle Trust



Brightstar Financial has worked alongside Castle Trust to complete an £8m development exit loan on an apartment block.

The specialist distributor was able to resolve a legal dispute — which had to be cleared up prior to the completion of the loan — and secured the development exit funding for the client, who initially built a block of apartments using development finance which was due for redemption.

Some of the apartments were also due to be sold to a housing association, but the sales were delayed and the client faced the prospect of defaulting with the development lender as a result.

Castle Trust structured two simultaneous bridging loans, which provided the client with a way of managing their cash flow until the housing association sales could go through and longer-term finance could be sourced.

“This case is a really excellent example of how working with the right partner can make the seemingly impossible, completely achievable and deliver a great outcome for the client,” said Rob Jupp, group CEO at Brightstar Financial and Sirius Property Finance (pictured above).

Barry Searle, managing director of mortgages at Castle Trust, added: “The client faced a real problem, but we were able to work together with Brightstar to get them out of a hole and deliver a solution that will help them to achieve a successful result for their development.”

 


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